High investments by market participants to develop unconventional resources and use of modern technologies for better production are expected to be favorable for the global market.
San Francisco, California (PRWEB) January 14, 2015
Increasing energy demands and maturing production fields are expected to drive the artificial lift systems market over the next six years. Artificial lift systems are used to maintain a steady reservoir of pressure to minimize the wastage of natural resources in production units. The system is used in water reservoirs from initial production stage owing to its higher density as compared to oil and gas. The mechanisms used for artificial lift systems are Downhole Pumps and Gas Lifting, of which Downhole Pumps are expected to be the key mechanism over the forecast period.
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High investments by market participants to develop unconventional resources and use of modern technologies for better production are expected to be favorable for the global market. Growing sub-sea operations may provide new growth opportunities over the forecast period. A lack of skilled professionals may act as a restraint to the artificial lift systems market.
Electric Submersible Pumps (ESP) are expected to be the key product segment owing to its reliability and efficiency. The increasing deployment of dual ESP systems will further enhance the artificial lift systems' efficiency. Additionally, hydraulic pump systems may grow at a considerable rate owing to their use in various applications such as stripper wells, crude oil generation, offshore production and enhanced oil recovery.
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North America is expected to be a considerable market over the next six years. The Middle East and Africa are expected to grow at a significant rate owing to redevelopment process of production fields. Some key players in the artificial lift systems market include Baker Hughes Inc, GE Energy, Cameron, Weatherford International Ltd., JSC Alnas and Schlumberger Limited. Market players are expected to enter into mergers and acquisitions to enhance their product portfolios.
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